Real Estate Bargains and
Deals
The
Foreclosure Crisis
The pinnacle of the American dream is the purchase of a home.
Nothing says you've made it like getting the key to a piece of
property that has your name on it. Whether it's living off the fat
of the land or having forty acres and a mule, history and
literature have spoken of the power of home ownership. So what
deferred that part of the American dream so completely that the
economy of our nation fell apart when the housing industry's
bubble burst?
The foreclosure crisis occurred because the banking industry did
not build on a rock. They built on the shifting sand of predatory
lending. Greed got in the way; the irresponsibility of doing
whatever it would take to make a sale; putting a person in a home
whether he could afford it or not eventually became the straw that
broke the camel's back. Creative financing destroyed the lives of
millions of Americans creating the trauma of losing the one thing
that said he'd made it. Banks with what seemed an unlimited cash
flow extended too much credit. It was as if rules and regulations
did not exist. People who couldn't afford any home were allowed to
buy too much home. The self indulgent attitude of Wall Street
bankers allowed them to pursue buyers without checking their
income; subprime mortgages became the norm and the once strong
housing industry which had been the economy's backbone fell like a
house of cards.
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